Uber’s net loss declines as ride bookings grow

Uber’s net loss declines as ride bookings grow

Uber Technologies reported lower loss by nearly 9 per cent in the second quarter of this year as ride bookings jumped. However, the mobile app-based ridesharing company is still far from being profitable.

On Wednesday, Uber announced that its net loss slipped from $708 million in the first quarter of this year to $645 million in the second quarter. In the fourth quarter of 2016, the company’s net loss was recorded at $708 million.

The decline in net loss is a strong indication of the company’s efforts to cut back its massive spending to subsidize rates for drivers as well customers along with other competitive tactics as it is facing increasing competition from rival companies in markets like South Asia.

Gross ride bookings for the quarter under review reached $8.7 billion, notably up from $7.5 billion in the previous quarter. Globally, trips jumped 150 per cent over the previous year, with strongest growth coming from developing markets.

During the last seven years, Uber has raised nearly $15 billion from investors. Currently, the company has $6.6 billion in the bank, down from roughly $7.2 billion in the first quarter.

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